A number of banks have revised their fixed deposit (FD) interest rates in December 2024. This is a significant development since FDs are some of the most popular investment options in India, with a large number of people putting a significant portion of their savings into them. This is primarily due to the fixed and guaranteed rate of return.
Also Read: Google proposes to loosen default search engine deals with Apple and others in US antitrust case
List of banks and changes in FD rate
The following is a list of banks along with their revised FD rates, according to an Economic Times report.
1) Federal Bank
Federal Bank has revised the interest rates on FDs for deposits less than ₹3 crore, effective from December 16, 2024, offering interest rates between 3% and 7.4% for general citizens and between 3.5% and 7.9% for senior citizens.
| Time Period | Single Deposit Less than ₹3 crore (General Public) | Single Deposit Less than ₹3 crore (Senior Citizens) |
|---|---|---|
| 7 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.50% | 4.00% |
| 46 days to 180 days | 5.50% | 6.00% |
| 181 days | 6.50% | 7.00% |
| 182 days to 270 days | 6.25% | 6.75% |
| 271 days to less than 1 year | 6.50% | 7.00% |
| 1 year | 7.00% | 7.50% |
| Above 1 year to 399 days | 7.25% | 7.75% |
| 400 days | 7.35% | 7.85% |
| 401 days to less than 2 years | 7.25% | 7.75% |
| 2 years to 776 days | 7.15% | 7.65% |
| 777 days | 7.40% | 7.90% |
| 778 days to less than 3 years | 7.15% | 7.65% |
| 3 years to less than 50 months | 7.10% | 7.60% |
| 50 Months | 7.40% | 7.90% |
| Above 50 months to less than 5 years | 7.10% | 7.60% |
| 5 Years | 7.10% | 7.75% |
| Above 5 years | 6.60% | 7.25% |
Source: Bank website
Also Read: New Zealand falls into recession with abrupt economic slowdown
2) RBL Bank
RBL Bank has also similarly revised FD interest rates for amounts less than ₹3 crore, effective from December 15, 2024, offering interest rates between 3.50% and 8% for general citizens, 8.50% for senior citizens, and up to 8.75% for super senior citizens who are aged 80 and above.
| Deposit Period | Domestic & Flexi FD Interest Rates p.a. | Senior Citizen Interest Rates p.a. |
|---|---|---|
| 7 days to 14 days | 3.50% | 4.00% |
| 15 days to 45 days | 4.00% | 4.50% |
| 46 days to 90 days | 4.50% | 5.00% |
| 91 days to 180 days | 4.75% | 5.25% |
| 181 days to 240 days | 5.50% | 6.00% |
| 241 days to 364 days | 6.05% | 6.55% |
| 365 days to 452 days (12 months to less than 15 months) | 7.50% | 8.00% |
| 453 days to 499 days (15 months to 16 months 14 days) | 7.80% | 8.30% |
| 500 days | 8.00% (Highest) | 8.50% (Highest) |
| 501 days to 545 days (16 months 16 days to less than 18 months) | 7.80% | 8.30% |
| 546 days to 24 months (18 months to 24 months) | 7.80% | 8.30% |
| 24 months 1 day to 36 months | 7.50% | 8.00% |
| 36 months 1 day to 60 months 1 day | 7.10% | 7.60% |
| 60 months 2 days to 120 months | 7.00% | 7.50% |
| Tax Savings Fixed Deposits (60 months) | 7.10% | 7.60% |
Source: bank website
3) Karnataka Bank
Karnataka Bank has also revised FD interest rates for amounts less than ₹3 crore, effective from December 2, 2024, offering interest rates between 3.50% and 7.5% for general citizens and 3.5% to 8% for senior citizens.
| Maturity period | Interest rate (% p.a.) for deposits below ₹ 3 crore |
|---|---|
| 7 days to 45 days | 3.5 |
| 46 days to 90 days | 4 |
| 91 days to 179 days | 5.25 |
| 180 days to below 1 year | 6.25 |
| 1 year to 2 years | 7.25 |
| 375 days (FD & ACC) | 7.5 |
| Above 2 years to 5 years | 6.5 |
| Above 5 years to 10 years | 5.8 |
Source: Bank website
Also Read: FSSAI asks food businesses to submit expired food data to prevent resale
4) Bank of Maharashtra
Bank of Maharashtra has also revised FD interest rates for amounts less than ₹3 crore, effective from December 11, 2024, offering interest rates between 2.75% and 7.35% for general citizens and 2.75% to 7.85% for senior citizens.
5) Equitas Small Finance Bank
Equitas Small Finance Bank has also revised FD interest rates for amounts less than ₹3 crore, effective from December 2, 2024, offering interest rates between 3.50% and 8.25% for general citizens and 2.75% to 9% interest rates for senior citizens.
Resident senior citizens get an additional 0.5% p.a interest for all tenures except 888 days. For 888 days, they will get an additional interest of 0.25% p.a above the general public rate of 0.5% p.a.